Veteran crypto investor Arthur Cheong says that one altcoin project operating on the Ethereum (ETH) network is set for big moves to the upside.
Cheong, the founder of DeFiance Capital, tells his 153,300 followers on the social media platform X that the decentralized finance (DeFi) protocol Synthetix (SNX) could surge by more than 75% from its current value.
“SNX $6 soon? Yearly high reclaim.
Make Synthetix great again, [SNX founder Kain Warwick].”
The trader, whose firm’s holdings include Synthetix, says that SNX has no high time frame resistance until it hits $4.
“I like how this chart is looking, no major resistance until $4 essentially.”
He adds that the relatively small number of SNX in circulation means just a few big buys could send SNX soaring.
“Believe SNX has the least amount of circulating coins on CEXs (centralized exchanges) for a top 100 coin. More than 70% of the total supply is staked.
We have more SNX than some of the CEXs here. Doesn’t take much for it to go hard from here as long as some big buyers come in.”
SNX is trading for $3.42 at time of writing, down 0.8% in the last 24 hours.
The crypto investor recently said that he was bullish on the decentralized derivatives trading sector, which includes the Synthetix Network.
Said Cheong,
“We are most bullish on decentralized derivatives. When you look at all the numbers, it points at the derivatives trading sector as the biggest market in crypto. I think the annual revenue generated by derivatives trading in the space is probably $10 to $15 billion in current market conditions. If we go back to the bull market, I think we’re looking at $20 to $30 billion, just from derivatives trading alone.”
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